About Allahabad Bank

There are plenty of leading banks in the country, but when it comes to offering the best banking services, no one is better than Allahabad Bank. This renowned bank since its inception in the year 1865 has been best known for catering the diverse needs of one and all. With its plenty of financial products such as home loan, personal loan, car loan, education loan and what not,this lender ensures that all its customers around the world will get the best of services in the least time frame. The bank with its strong business ethos, innovative approach and creative vision makes sure that you always get the quality services.

Not only this with more than 3,071 branches located at different cities of the county, the only endeavor of the bank is to reach out to all its customers in the best possible way. With its involvement in various things such as social banking, corporate banking,MSME banking and so on, this leading bank fulfills the needs of all. However,if you are someone who is looking for something more, you just need to read this page below and get more info about Allahabad Bank nestled in the beautiful city of Chandigarh.

Products Offered by Allahabad Bank in Chandigarh

The beautiful city of Chandigarh with the renowned Allahabad Bank offers you the widest range of financial products such as home loan, car loan, education loan, personal loan and property loan to choose from. Moreover, if you want to avail these products, you also need to know the eligibility of the same, hence which you can easily know by reading this page below.

Basic Details of Allahabad Bank Loans

Product

Eligibility

Interest Rate(in p.a.)

Loan Amount

Tenure

Processing Fee

Home Loan

The minimum age of the applicant at the time of availing the loan should be 21 years.The maximum age of the applicant at the time of loan maturity should be 70 years.An individual must have a regular source of income to liquidate the loans.The housing loan to HUF will not be considered.The employees who have availed housing loan from their own organizations may also avail housing loan from the bank.

8.30% - 8.85%

Up to ₹500 Lakh(depends on combined income)

30 Years

0.40% of the loan amount, maximum ₹17,250

Personal Loan

Pensioners:Age of the pensioner should not exceed 73 years (Seventy three years) as on the date of disbursement of loan and loan should be fully repaid before attaining the age of 75.Doctors:Individual Doctors & Medical Practitioners. Maximum age: 65 years on date of sanction of loan.

8.30% - 12.80%

₹25,000-Amount equivalent to annual income or ₹ 5.00 lacs, whichever is less

48-60 Months

Nil-1.22% of loan Minimum ₹614

Car Loan

Salaried Person :Minimum gross monthly income of ₹ 25,000/-

Agriculturist : Minimum 5 acres of irrigated land holding

Professional & Self-Employed / Businessmen : An IT assessee. With full collateral security, IT assessment order / IT return may be waived.

Income of spouse / father/ mother/ son/ unmarried daughter can also be clubbed, provided he/she/they become the co-borrower

For New Vehicle :Individuals: Maximum 84 Months

For Firm/ Companies: Maximum 60 Months

For Pre-owned Vehicle : Maximum 60 months / Residual life of the vehicle, whichever is lower

0.50% of loan Maximum ₹5,750 (Allahabad Bank Employees- NIL)

Property Loan

Minimum 21 years & maximum 70 years at the time of sanction of loan.In case of Firms/ Companies/ Society/ Trust, it should be minimum five years old.

Individual: Income should be minimum ₹1.20 Lacs per annum.Joint Borrower: While computing quantum of loan in case of joint borrowers, income of all borrowers will be clubbed.In case of firm/ Company, Net Cash generation (after adding back depreciation) is considered as income for calculation of loan amount and considering repayment capacity.

However, the income will be taken as per audited balance sheet/ IT return of last financial year.In case of firm, personal income of proprietor/ partners and in case of company personal income of Directors may be clubbed with the income of firm /Company if the source of income is different.

Documents Required

Product

Documents

Home Loan

Duly Signed Application Form with PhotographID ProofResidence ProofProcessing Fee ChequeLatest Bank StatementsProperty Related Documents-Allotment Copy, Property Agreement Copy, Registration Copy,etc.Salaried Applicants:Salary Slips of Last 3-4 Months and Form 16 of Last 2 YearsLast 3 Years ITR with Computation of IncomeLast 3 Years CA Certificate/Audited Balance Sheet and Profit and Loss AccountSelf-employed Applicants: ITR of Last 2-3 YearsProfit and Loss Account and Audited Balance Sheet of Last 2-3 Years

Self Employed ProfessionalsComplete loan application form with passport size photographsAddress proof and identity proofCurrent bank statement and latest salary slipLast 3 years income tax certificate for both business and self, last 3 years profit and loss statements and balance sheetsLast 6 months bank transactions statementCheque for the processing fee

Self Employed BusinessmanLoan against property application form with passport size photographsProof of identity and proof of addressCurrent bank statement and latest salary slipProfit and loss statements of last 3 years and balance sheet and last 3 years income tax returns (self and business)Last 6 months bank transactions statementCheque for the processing fee

Education Loan

Admission letter from the educational institution in which you have got admission giving details of year wise fee, boarding and lodging expense and letter confirming scholarship if you have been accorded any.Attested copies of age proof, residence proof and birth date.Self attested passport size photograph of applicant, co applicants and guarantor.Copy of degree certificates and mark-sheet of previous qualified courseIncome proof/latest tax return of co applicants, parents, guarantor (if any).Details of collateral security along with government approved valuation certificate (if any).Bank account statement of applicant, copy of passport and visa in case of abroad.

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